Comcast's Q3 Earnings Surpass Estimates, Revenues Decrease Y/Y

Core Insights - Comcast reported third-quarter 2025 adjusted earnings of $1.12 per share, beating the Zacks Consensus Estimate by 1.82% and remaining flat year over year [1][8] - Consolidated revenues decreased 2.7% year over year to $31.2 billion, surpassing Zacks Consensus Estimates by 1.85% [1][8] Revenue Breakdown - Connectivity & Platforms revenues, accounting for 64.7% of total revenues, decreased 0.6% year over year to $20.18 billion [2] - Residential Connectivity & Platforms revenues fell 1.5% year over year to $17.6 billion, while Business Services Connectivity revenues rose 6.2% to $2.58 billion [2] - Total Customer Relationships for Connectivity & Platforms decreased by 210,000 to 50.9 million, with domestic broadband customer net losses of 104,000 and video customer net losses of 257,000 [2] - Content & Experiences revenues decreased 6.8% year over year to $11.74 billion, impacted by the prior year's Olympic-related revenue [2] - Media revenues decreased 19.9% year over year to $6.59 billion, but increased 4.2% excluding the Paris Olympics [3] Subscriber and Revenue Performance - Peacock paid subscribers remained steady at 41 million, with revenues reaching $1.4 billion and EBITDA losses improving by $219 million year over year [4] - Studios revenues rose 6.1% year over year to $3 billion, driven by higher content licensing and theatrical revenues [5] - Theme Parks revenues increased 18.7% year over year to $2.72 billion, attributed to the successful opening of Epic Universe [6] Operating Costs and EBITDA - Total costs and expenses declined 2.1% year over year to $25.67 billion, with programming and production costs decreasing 15.1% to $8.66 billion [7] - Adjusted EBITDA decreased 0.7% year over year to $9.67 billion, with Connectivity & Platforms adjusted EBITDA declining 3.5% to $8.01 billion [9] - Content & Experiences adjusted EBITDA increased 8.4% to $1.95 billion, while Media adjusted EBITDA rose 28% to $832 million [10] Cash Flow and Liquidity - As of September 30, 2025, cash and cash equivalents totaled $9.33 billion, down from $9.69 billion as of June 30, 2025 [11] - Consolidated total debt decreased to $99.1 billion from $101.5 billion [11] - Free cash flow increased to $4.95 billion from $4.5 billion in the previous quarter [11] - Comcast generated $8.69 billion in cash from operations, up from $7.82 billion in the previous quarter [12]